Outlook of Autonomous Farm Equipment Market: Research Report

Jan 24, 2019 (Heraldkeeper via COMTEX) -- The Autonomous Farm Equipment market study developed by Market Study Report, LLC, enumerates an in-depth analysis of the powerful trends prevailing in the industry. This study also encompasses valuable information relating to the profitability prospects, growth dynamics, market size, market share forecast, and revenue estimation of this business vertical. The study descriptively charts out the competitive backdrop of eminent players partaking in the industry share, in consort with their offering portfolio & business strategies.

“Autonomous Farm Equipment Market is estimated to surpass USD 180 billion by 2024; according to a new research report.

Global autonomous farm equipment demand is expected to exceed 3 million units till 2024. Strong product outlook owing to usage of tractors and harvesters, higher productivity and restricting labor forceful work will drive the industry demand. Implementation of IoT and advanced systems such as precision farming and GNSS system will further support the business growth.

Recurrent labor shortage along with increasing usage of autonomous devices, which offers better efficiency and higher productivity will boost the adoption of autonomous farm equipment. Technological advancement with development of self-steering and auto driving techniques in tractors will positively influence the product penetration.

Proliferation in startups focusing majorly on robotics applications in agriculture and reduction of overall operational cost of agricultural process and increasing yield will enhance product usage in the industry. Further, the device can operate in extreme weather conditions reducing the operating time and boosting profitability.

High cost of the product may act as challenge to its demand. Additionally, the requirement of training for proper functioning of the devices may affect the product usage. Manufacturers are focusing on reducing cost of the equipment making it affordable to the customers.

Fully autonomous segment will depict strong growth of over 40% over the forecast timeline. Implementation of systems such as precision farming and GPS, offering remote monitoring of the devices and avoiding obstacles will further support the industry demand.

Partially autonomous contribute majorly in volume share owing to increasing commercialization along with availability of product at competitive prices. Industry players are focusing on sale of the equipment particularly in emerging countries due to the presence of vast untapped market.

Tractors is anticipated to dominate the revenue share of autonomous farm equipment market contributing over 50% by 2024. Superior operating efficiency of tractors coupled with shifting trends towards usage of product are driving the business growth.

Harvesters segment is poised to exhibit significant autonomous farm equipment market share during the forecast timeframe. Availability of the product at competitive price along with superior features such as optimum path selection and avoidance of overlap of the path will positively influence the product penetration.

UAV is predicted to exhibit strong growth over 35% during the forecast timeframe. These are widely used for farming operations such as spraying fertilizers and pesticides. Additionally, recent development in thermal imaging offering data collection and optimum utilization of resources will further support the business growth. Industry players are developing products with superior load carrying capacity used for carrying pesticide and fertilizers.

Compatibility of software with the devices along with user friendly interface offers smooth functioning of the product. High preference of the software availability owing to increase digitalization along with superior precision will further enhance the autonomous farm equipment market growth.

North America autonomous farm equipment market is anticipated to dominate in 2016 owing strong presence of well-established industry players in the region. High revenue generation can be attributed to surging demand of products such as tractors, UAV and harvesters installed with autosteering functions.

Europe autonomous farm equipment market is estimated to depict significant growth up to 2024. Product usage offers better fuel efficiency and superior productivity that will propel the business growth. Asia pacific, led by China, South Korea, Australia and Japan is anticipated to witness strong growth over 25% up to 2024. Shifting trend towards smart devices owing to development of agrarian economies such as India in the region, will positively influence the product penetration.

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